Mr. Siddhartha Bagri, Founder & CEO, Pravaig
Let us cease being taken advantage of. The new Budget positions India as a unique market of great promise, it stands as the only large market with real potential. Either we fortify our economic policies to strengthen our borders, or open up completely for international competition and trade. We must achieve self-reliance through strategic support for domestic innovation and manufacturing, embodying the spirit of Aatmanirbhar Bharat. In my view, the upcoming Union Budget presents a pivotal moment for policymakers to ensure we are no longer exploited.
Vineet Agrawal, co-founder of Jiraaf, said: "A robust capital debt market is indispensable to realize India's ambitious goal of achieving a $5 trillion economy, with retail investors playing a pivotal role in its realization. Currently, their participation stands below 4%, making it imperative to increase this figure fivefold over the next five years. Several measures can bolster this objective. First, eliminating TDS at source on bond repayments would encourage investment by reducing procedural hurdles. Second, extending taxation benefits akin to equity investments—such as inclusion in the 80C deduction limit, tax-free interest income up to a specified threshold, and lower LTCG taxation rates—would incentivize greater participation. Third, facilitating easier digital access to corporate and government securities would democratize investment opportunities, attracting a broader base of retail investors. Lastly, fostering a vibrant buy-and-sell market to enhance liquidity will further bolster confidence and attractiveness in debt instruments. Together, these initiatives can pave the way for a more inclusive and dynamic debt market, crucial for India's economic growth aspirations."
Budget quote by Vikas Singh - Chief Collection Officer, Propelld.
Our focus remains steadfast on advancing co-lending partnerships, harnessing fintech innovations, and promoting inclusive access to education loans. These pillars are pivotal in fostering a resilient and digitally empowered financial ecosystem. Hence our expectation from the Union Budget 2024 is for a strategic roadmap and implementation plan that fosters collaborative efforts from all players within the fintech segment.
